01/20/16

Newsletter

Heath Savings Plans:

If you have a Health Savings Plan (HAS), a new law effective in 2007 allows a onetime rollover of IRA funds into an HSA. If you anticipate purchasing health insurance or incurring additional health expenditures, such a rollover could be beneficial.

Capital Gains:

Beginning in 2008 the tax rate owed on long-term capital gains and qualified dividends falls to 0% for people in the 15% or 10% tax bracket for ordinary income. Those eligible for this new rate should defer capital gains transactions until after year-end 2007.

Property Tax Assessments:

When you receive your property tax bill, it might be worthwhile to check the correctness of your statement. Call the assessor's office and request to see the file on your home. Check the listed description to verify the facts. Note discrepancies such as square footage, value of recent renovations, number of rooms, age of your home, and even existing defaults. If the market value appears too high, you may be required to obtain a professional appraisal.

Before questioning your assessment, learn about the appeals procedure in your township or city from your assessor's office. Most errors can be corrected by discussing the problem with the assessor.